JIL homebuyers chalk out plans for COC’s meeting under insolvency process

The homebuyers of Jaypee Infratech Limited (JIL) on Monday met authorised representative, Kuldeep Verma, to discuss the detailed plan for the first meeting of Committee of Creditors (COC) under the insolvency process.

The first meeting of COC will be held on September 12 at Pullman & Novotel Hotel, Aerocity in New Delhi.

A homebuyer, Pramod Kumar, told City Spidey that Kuldeep Verma was elected as representative of homebuyers for COC meeting by NCLT on the report submitted by IRP Anuj Jain. He got approximately 7.5 thousand votes from the buyers.

Homebuyers also want the replacement of IRP Anuj Jain. Homebuyers alleged that the IRP always thinks from the builder’s point of view. They said that he has done nothing for the homebuyers in the last one year.

According to the sources, some homebuyers’ groups suggested the name of Vijay Iyer, who works for Deloitte, for the next IRP. The bank also wants Vijay to be appointed as a new IRP in the next meeting. Iyer is insolvency professional who has already acted as an RP in more than 15 cases.

The homebuyers wanted that Rs 750 crore, which was transferred to National Company Law Tribunal (NCLT) from the Supreme Court, should be used for the construction of flats.

“A website is being developed which should be complete in 10 to 12 days. This website will act as a platform to communicate with all the 24,500 homebuyers,” homebuyers said.

On August 9, the Supreme Court asked the National Company Law Tribunal (NCLT) to deal with the insolvency proceedings against the Jaypee Infratech Limited. The court has also restricted the group and its promoters from taking part in the fresh bidding process.

In August last year, a buyer, Chitra Sharma, had filed a PIL in the Supreme Court against the insolvency process which refused to recognize the buyers as creditors.

The PIL came after the Allahabad bench of NCLT admitted a plea of IDBI Bank allowing insolvency proceedings against Jaypee Infratech for defaulting on Rs 526.11 crore against the bank. Almost 10,000 buyers in Noida and Greater Noida got affected by this.